Online Shopping in India: Today, there are over 250 million Internet users in India. And many of them like to shop online.
In India, day by day, the number of online shoppers is growing. One could realize this fact by discovering new shopping websites on the Internet daily.
However, still in India many do not prefer to shop online. Let us look into the details why people do not want to shop online.
- 99% of People Online do not buy things because of the lack of trust. They think the product or the company selling it, is not genuine.
- 77% of online customers have fulfilment issues, like they are not satisfied with the product.
- 69% of them do not shop because there is no shopping experience.
- 63% wants to see the product physically.
- And 47% of online visitors do not feel like shopping.
So these were some of the reasons why people don’t shop online.
However, there are many people who don’t have proper idea about how to pay for the product they want to buy. And that is when I thought of writing this post.
This is really simple and easy. There are number of ways you can pay for the product you want to buy.
But before I explain you all the possible payment methods, I will give you a brief idea on some of the best online shopping sites in India.
- Flipkart – Number one Indian online Shopping website. It took over letsbuy.com and became number one ecommerce site in India.
- Amazon India – Number one online shopping in the world with operations in India.
- Ebay.in – Popular ecommerce site in India
- SnapDeal – It offers local daily deals on various products
- ShopClues – Famous for heavily discounted deal
- Myntra – Leading retailer of lifestyle and fashion products
- Homeshop – Famous for home appliance
- Yebhi – Online shopping for wardrobes
- Tradus – From Books to clothes
- Pepperfry – Lifestyle products for men and women
Most Used Payment Methods for Online Shopping in India
Now let us look how people are paying online after they are done with shopping.
- Around 61% of them use Debit card & Online Banking
- 50% use Credit cards
- 24% prefer COD or Cash on delivery method
- 10% like prepaid Cash cards
- 4% like to pay through DD or demand draft
- Finally only 3% go for mobile payment
Hence, you get an idea how people are paying online. Now let us discuss in details about some of the paying options for online shopping in India.
In general there could be two ways for making payment, online and offline.
Payment Mode: Online
Payment Option: Credit Cards
Some of the most accepted credits cards are
- American Express
- Diners Club Card
- JCB Cards
EMI on Credit Cards
EMI on credit cards is provided by banks like HDFC and ICICI bank to credit card holders. It is only for 3, 6, 9 and 12 months and minimum order value to use EMI payment option is Rs 3000/-
Banks do charge fixed annual interest rate directly to customers choosing EMI.
Payment Option: Debit Cards
- SBI Cards
- Debit Cards of Canara Bank, CitiBank, Indian Overseas Bank, PNB, Union Bank of India etc
Payment Option: Netbanking
- Almost all the major banks
Payment Option: Cash Cards
- Done Cash
- ITZ Cash/noQ 24 X 7
- Oxi Cash Card
Payment Option: Mobile Payments
- Paymate – In paymate you have to use 4 digit PIN for security.
- All the majors bank in India
Payment Option: Phone Payment
Make payment through your Visa Credit Card on your mobile with CCAvenue phonepay facility
Payment Mode: Offline
Payment Option: Cash on Delivery or COD
The best paying method for online shopping is Cash on Delivery (COD). I had written another article why COD is the best option among all others.
First is you pay after you receive the product then you could pay through cash which is very easy. So these are few benefits of COD.
Almost all the online shopping website allows COD however you have to know certain things about it
- COD is allowed for almost every physical products like Books, Electronic gadgets, movies, games, toys, clothing, appliances etc
- COD could only be possible if you exceed the shopping limit of certain amount. Say Rs 500/- It depends for company to company.
- Your Pin Code is very important so fill it carefully
- Finally, there is no extra charge for COD because delivery is free of cost
Payment Option: Demand Draft or DD
You could also pay through DD. You have to write In Favor of “—————-” and submit in the bank. Your product would reach on time.
Payment Option: By Check
Similarly you can also pay through check.
Payment Option: Bank Deposit
Direct bank deposit option is available. Here you could deposit cash directly into their bank account.
So these were some of the offline paying methods. But all these are of no use except COD. If you go for COD then you don’t need any other offline paying option.
Payment Mode: Gift Coupons
Gift coupon is also a way of paying money. Gift coupon is based on total shopping you did. Gift coupons are 10 digit alpha numeric code. There are 3 types of gift coupon discount
- Flat Discount where flat amount would be deducted
- Percentage Discount where a percentage would be deducted from total order amount
- Free Gifts where you get free accessories
So these were some of the paying methods online and offline both.
Now let us look at the paying methods of two popular online shopping sites in India.
Some of the payment methods that Flip Kart allows are
- Credit and Debit Cards in India and other 21 countries – 3D secure password
- Internet Banking
- E Gift Voucher
- COD – Maximum order value is Rs 50,000/-
- Phone Banking – By using 256 bit encryption
- EMI Option for American express, Citi, HDFC, ICICI bank
Second is eBay.in
- Online Payment Methods (PaisaPay)
- Online Bank Transfer
- Credit Card
- Debit Card
- Cash Card
- Mobile Payment
- Offline Payment Methods
- PaisaPay Cash on Delivery
Similarly you could visit other websites and find out their payment options. Every online shopping website has different payment modes.